The following data were taken from the records of Clarkson Company for the fiscal year

ended June 30, 2020.

Raw Materials			Factory Insurance	$ 4,600
Inventory 7/1/19	$ 48,000		Factory Machinery
Raw Materials			Depreciation	16,000
Inventory 6/30/20	39,600		Factory Utilities	27,600
Finished Goods			Office Utilities Expense	8,650
Inventory 7/1/19	96,000		Sales Revenue	534,000
Finished Goods			Sales Discounts	4,200
Inventory 6/30/20	75,900		Plant Managers Salary	58,000
Work in Process			Factory Property Taxes	9,600
Inventory 7/1/19	19,800		Factory Repairs	1,400
Work in Process			Raw Materials Purchases	96,400
Inventory 6/30/20	18,600		Cash	32,000
Direct Labor	139,250
Indirect Labor	24,460
Accounts Receivable	27,000

Instructions

1. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) (CGM $386,910)

2. Prepare an income statement through gross profit. (Gross profit $122,790)

3. Prepare the current assets section of the balance sheet on June 30, 2020. (Current assets $193,100)